New Markets Tax Credit Program (NMTC)

The NMTC program, administered by the CDFI Fund of the US Treasury Department, uses tax credits to attract private investment to low-income communities. Nonprofit Finance Fund® (NFF®) has been awarded $231-million in tax credit allocations since 2007, which we are using to make flexible financing available to nonprofit borrowers in these communities. Our allocations have helped finance health centers, a nonprofit theatre, headquarters for social services providers, charter schools, and a statewide food bank, among others.

NFF partnered with Citibank to help The Worcester Center for Performing Arts (WCPA) undertake a $30 million renovation to transform a historic theatre in downtown Worcester into the Hanover Theatre for the Performing Arts, a new 2,300-seat performing arts space.

A $9 million NFF NMTC investment arrangement allowed The National Consumer Law Center (NCLC), one of the nation's leading resources for information on consumer law, credit practices, and the rights of low-income consumers, announced today a new $9 million tax credit investment arrangement that will enable NCLC to purchase a historic building in downtown Boston. The new NCLC headquarters will allow the organization to expand its staff and dramatically increase its work on behalf of low-income consumers.

NFF partnered with JPMorgan Chase Bank for a $5 million NMTC project to help PROCEED, a community services organization in Elizabeth, New Jersey, expand its National Center for Training, Support and Technical Assistance and to house four (4) classrooms for its existing preschool programs, expand service for senior citizen programming and provide additional administrative office space.